Online car insurance is benefiting from the downturn
The online car insurance industry appears to be benefiting from the ongoing recession as Admiral Group reported profits up 11% at £202.5 million. The figures are slightly above expectations although there was a disappointing 30% fall in profits afforded to the Confused.com website. The last few months have seen a number of car insurance companies withdraw from the insurance comparison sector which had been very much all the rage just a couple of years ago.
While Admiral Group may well have been impacted by the issues at Confused.com there is no doubt that the traditional insurance business has benefited from a return to basics. It appears as though more and more car drivers are looking to shave as much from their car insurance premiums as possible and looking around the industry at companies such as Admiral. Surprisingly, the company expects 2009 to be very similar to 2008, which in the current environment would be a very impressive performance.
Thankfully for those looking towards car insurance, Admiral Group does not expect any significant increases in premiums over the next 12 months which is a welcome break for car owners in the UK. It seems as though the ability to browse the car insurance industry from the comfort of your home 24 hours a day seven days a week is attracting more and more people to the online sector.
Share this..
Related stories
Can the Conservative party afford to reorganise the benefit system?
There is no doubt that the UK benefit system is one of the most lucrative in the world but there is also no doubt that the system has been somewhat out of control for the last few years. However, Iain Duncan Smith has now been put in charge of reorganising the UK benefit system but many are concerned whether the Conservative Party has the bottle and whether it can actually afford to push through t...
Read MoreRoyal Bank of Scotland ordered to sell off branches
In line with European Union state aid rules, Royal Bank of Scotland is rumoured to be on the verge of receiving a request to reduce the company's UK market share by around one sixth. The situation has evolved because of the significant state aid received from the UK government, something which was paid out before it was rubber stamped by the EU Competition Commissioner, and the market share the co...
Read MoreWill Alistair Darling take on the Prime Minister over the forthcoming budget?
While Alistair Darling and Gordon Brown are known to be at loggerheads regarding the forthcoming UK budget, indeed there is even talk that the budget could be scrapped before the election, there is a growing feeling that Alistair Darling is becoming more and more confident. This week we saw the Chancellor of the Exchequer issue an astounding statement suggesting that "Number 10" had been guilty of...
Read MoreSupermarket egg fraudster uncovered
Keith Owen, a former provider of free range eggs to the UK supermarket industry, has today been convicted of fraud and sentenced to jail. His crime was to sell eggs from his battery hens as free range, a fraud which took in the likes of Sainsbury's and Tesco. It is believed that the 44-year-old made profits in excess of £3 million over the two-year period in question and has been forced to surren...
Read More41% increase in first-time buyer loans
12/09/2013 The number of mortgages advanced to first time buyers in July has increased by a huge 41% compared to a year ago and 5% in comparison to last June; reflecting recent reports of increased activity in the housing market. In total, there were over 25,000 loans advanced to first time buyers in July 2013 according to the Council of Mortgage Lenders (CML). However this is still 10,000 l...
Read More